Washington Slows Down in Giving “Green Light” to Cryptocurrencies
The White House backed only general and minor amendments to the digital and equated assets tax bill. Instead, greater regulation of traders, brokers, and validators involved in crypto is expected.
The decision of the officials created a storm of indignation in the crypto community. However, miners using the Proof-of-Work algorithm, for example, can avoid any liability, except for the violation of general electricity standards, environmental protection, etc.
The so-called "Portman-Warner Amendments" were, in fact, approved. But Senators Lummis, Toomey, and Wyden made a broader list of changes. They proposed to consider cryptocurrency miners, NOD operators, software developers and other persons indirectly related to the industry to be outside the scope of this law.
Now all persons facilitating cryptocurrency transactions can be treated as brokers. This means that they will have to obtain licenses, comply with reporting and other legal requirements.
Also, senators accuse each other that some are in favor of protecting software developers.